Bitcoin in Brief Thursday: Busted in Bangkok

In today’s edition of Bitcoin in Brief, there’s a lot to chew over. The crypto-coaster dazes Asian millennials, Kucoin asks some awkward questions, everyone wants to own an exchange, and why do so many bitcoiners get busted in Bangkok?

Also read: Bitcoin in Brief Wednesday: Satoshi’s Millions and the Price of Publicity

Kucoin Has a Question or Two

On Wednesday, Kucoin exchange announced it had beefed up its security. As part of its new verification procedure, all existing customers are required to set two security questions and agree to a set of stringent rules. Some of these new conditions are interesting, to put it lightly. To trade on Kucoin, you must agree that you “Can bear more than 50% of the loss, even the risk of assets to zero” and confirm that you have “more than two years of experiences in securities, funds, futures, gold and foreign exchange.” What next – to create a bitcoin wallet you must have spent at least five years as a Core developer?

South Korean Millennials Feel the Pain

If the crypto bear market has hit you hard, just be grateful you’re not a twenty-something from Seoul. The Verge reports that millennials in the crypto-crazy Asian nation are reeling from the 70% drop that’s wiped out late 2017’s spectacular gains. Rekt portfolios are now being blamed for marriages splitting and suicide attempts.

Japanese Exchange’s Are Hot Property

Demand for cryptocurrencies might be low right now, but the exchanges that sell them are in high demand. Everyone’s hankering after a crypto exchange right now – preferably a Japanese one. In addition to Monex chasing Coincheck and Yahoo being linked with Bitarg, a Hong Kong wine importer is interested in Bitpoint. In return for a 20% stake in the Japanese exchange, the wine whale will allegedly be paying close to $50 million for 20%, valuing the entire business at $235 million. Bitpoint is one of Japan’s smaller exchanges as well. Buying a cryptocurrency platform is turning into the ultimate vanity project.

Everyone Wants Privacy, No One Wants Private

Holders of bitcoin private (BTCP) have been frustrated at the team’s failure to secure listing on any recognized exchanges – unless you recognize Tradeogre, Nanex, or Trade Satoshi. The project’s leader, Rhett Creighton, has also expressed his frustration at the impasse, tweeting “I don’t run any exchanges. I can’t “get” BTCP listed more than anyone else. What do people want me to do?  I only know as much as everyone else. The team has asked / applied to many exchanges.” He seems particularly annoyed at Hitbtc’s agreement to list BTCP, only for the deadline to have passed with no progress. As some wiseguy quipped in response to Rhett’s rant: “Perhaps bitcoin private needs a rebrand?”

Busted in Bangkok

Amit Bhardwaj, accused of defrauding his fellow Indians of as much as $300 million through bitcoin-related ponzi schemes, has been arrested. The location where the serial scammer was busted? Bangkok. For some reason, cryptocurrency criminals seem to think Thailand will protect them from the long arm of the law, and each time they’re proven wrong. Bangkok is where Alphabay’s Alexandre Cazes was arrested, and later (according to local reports) took his own life in a prison cell, and it’s also where Sergey Sergeyvich Medvedev, co-founder of transnational crime syndicate Infraud, was arrested with 10,000 BTC confiscated. If you’re up to no good with bitcoin, don’t go to Bangkok.

What other bitcoin stories caught your attention today? Let us know in the comments section below.

Images courtesy of Shutterstock, Kucoin, and Twitter.

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